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Continue to reverse days gains with longs already lower on the day

GILTS
  • After early optimism surrounding reversal of parts of the government's "Growth Plan", gilts have been moving lower over the past 90 minutes with 30-year gilts now lower on the day (yields higher) but most gilts still seeing higher than yesterday's official close.
  • The corporation tax hikes were reversed, the Chancellor sacked and Jeremy Hunt installed as the new Chancellor.
  • Takeup in today's last BOE linker purchase ops were tiny at GBP129.4mln (out of a total GBP5bln). Focus now turns to how large the takeup will be in the long conventional purchases (with results due shortly after 15:45BST).
  • 2y yields down -2.7bp today at 3.718%, 5y yields down -8.2bp at 4.136%, 10y yields down -1.3bp at 4.179% and 30y yields up 4.0bp at 4.584%. Bear in mind yields across the curve were down 20bp earlier today.
  • 2s10s up 1.5bp today at 46.2bp and 10s30s up 5.2bp at 40.4bp.
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